THE beginning of every year is always a good opportunity to look back at the events of the past year, to give thanks and learn from them, as well as to look forward and plan ahead.
In 2024, we saw the passage of the following laws amending our National Internal Revenue Code (“Tax Code”): Republic Act (RA) 11976, or the Ease of Paying Taxes (EOPT) Act, that was passed in January 2024; Create More Act, or RA 12066, which was passed in November 2024; and Republic Act 12023, imposing value-added tax (VAT) on digital services that was passed in December 2024. On June 13, 2024, RA 12001, or the Real Property Valuation and Assessment Reform Act (RP-VAR Act), was passed.
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